When I calculate child support in an actual 50/50 split, I get different numbers depending upon who I list as the parent for custody guidelines.
When you change the overnights from 182 to 183 overnights, the program changes ”Custody for Guidelines” (read as Majority Time Parent) from one parent to the other. In order to keep things consistent tax-wise, it also changes the filing status from Single to Head of Household for the majority time parent, and Head of Household […]
How do I enter life insurance premiums on my Colorado Sworn Financial Statement?
The treatment of life insurance depends on whether or not the insurance is a payroll deduction. This note describes both possibilities. 1. If the life insurance is a payroll deduction: If the life insurance is a payroll deduction, you may indicate that on the Case, Income & Expenses page, as shown below. The entry will […]
How can I create different scenarios in the software?
You can use any of three approaches, depending on the nature of the differences among the scenarios. The paragraphs below discuss each of these three approaches. 1. Key Decision Factors. Are you interested in comparing different scenarios for the following key decision factors: child support, spousal support, key expense items, tax exemptions, filing status, or […]
I am going to be called as an expert witness. Is the software accepted in my court?
Family Law Software is the #1 selling financial software for divorce nationwide. It is used by more attorneys to calculate child support and prepare financial forms than any other software. It is also used by virtually every actively-practicing financial planner specializing in divorce nationwide. It is the only software endorsed by the non-profit Association of […]
Why are state taxes different for itemized deductions than for “actual” state taxes?
This is due to the software’s resolving of a bit of circular logic. Federal taxable income depends on the state tax, because state tax is an itemized deduction. But in some states, state tax depends on federal taxable income. So the computation is circular. Here’s how the software resolves this: For the calculation of the […]
How can I implement a spousal support lump sum payment in Family Law Software?
You can follow these steps to implement the alimony present value (lump sum) in a software scenario. 1. Save As. Save the file under a new name for this scenario. (In File Manager, click the 3-dots menu for the file and select the option to make a copy.) 2. Find the lump sum (present value) […]
How do I enter a home sale being used to fund a downpayment?
When a home is sold it shows up on the Net Worth spreadsheet, but not in the Budget Report or Cash Flow (Net Income) reports. Otherwise, the large number would distort the cash flow picture. When you look at the Net Worth spreadsheet, you will see an asset shifting from the Real Estate Property column […]
How can I enter a real estate property that is partly rental income and partly personal use?
The software is designed to handle real estate property that is partly rental income and partly personal use. Here’s how to set that up: The sections will now be set up for this scenario. In the Real Estate expenses section, enter just the personal expenses. In the Real Estate income section, on the line for […]
How can I enter a military pension?
There is a certain amount of computation involved in determining the monthly benefit for a military pension. Click here for an overview of the military pension benefit. Once the benefit has been determined, though, the military pension may be just like any other defined benefit pension. Specifically, to the extent that the pension is a […]
For a pension evaluation, can I get a life expectancy table customized to my client?
We do not have any way of using a police or firefighter-specific life expectancy table. Nor for a smoker. Nor for a skydiver. Nor for someone who is black, white, of Japanese ancestry, etc. Nor for someone who has diabetes or heart disease. Nor for someone who is known to be in particularly good health, […]